Africa’s richest man and President of Dangote Industries Limited, Aliko Dangote, has called on wealthy Nigerians and African entrepreneurs to invest in their home countries, warning that continued capital flight will stall the continent’s development.
Speaking with select journalists recently, Dangote emphasised that no country can achieve growth without domestic investments.
He decried the tendency among Africa’s elite to stash wealth abroad, urging a shift in mindset.
“There is no country in the world without corruption. But in those countries, people invest their funds at home.
“That’s why their economies thrive. Here, we loot and bank abroad. That doesn’t help anyone, not even our unborn children,” he said.
Dangote states, “Wealth must be deployed toward projects that uplift economies, create jobs, and ensure future generations inherit a functioning nation.
“I appeal to all wealthy Nigerians to look inward and invest here, for the sake of our children,” he stated.
Dangote, whose $20 billion refinery is the largest in Africa and one of the biggest single-train refineries globally, recounted the uphill battle he faced while executing the project.
Despite scepticism from experts, opposition from vested interests, and complex logistical and financial challenges, he refused to back down.
“People thought building a refinery was like building a house.
“If I had known the scale of what we were taking on, I might not have started. But we believed that nothing is impossible,” he said.
He revealed that at one point, the Dangote Group faced a tough decision: to abandon the project and cut losses, or press forward.
“We chose to push through,” he said, noting that perseverance was the key to completion.
Dangote said the goal behind the refinery wasn’t profit alone, but a desire to make Nigeria and Africa self-sufficient in refined petroleum products.
He noted that aside from Libya and Algeria, most African nations continue to import fuel, despite having vast crude oil reserves.
“Africa has over 125 billion barrels of proven oil reserves. Nigeria, Angola, Egypt, Algeria, and Libya are in the top 30 oil-producing countries globally. Yet most of us are still importing,” he lamented.
This, he said, has turned the continent into a dumping ground for low-quality and sometimes hazardous fuel, undermining public health and energy security.
The industrialist urged African leaders and entrepreneurs to shift focus from exporting raw materials to building value-added industries that would retain wealth within the continent. He described economic self-sufficiency as the cornerstone of true independence.
“Political independence means little if our economies are tied to others.
“Without financial and industrial strength, we’ll remain vulnerable and poor,” he said.
Dangote hopes the refinery, which is projected to refine 650,000 barrels per day, will inspire similar transformative projects across Africa, spurring job creation, reducing reliance on imports, and catalysing industrialisation.
He concluded with a challenge: “If we want to change Africa, we have to do it ourselves. No one else will do it for us.”
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